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Brazil Petrobras Crude Oil Production Rises 3.7% in September

Brazil Petrobras Crude Oil Production Rises 3.7% in September
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Παρ, 25 Οκτωβρίου 2013 - 18:32
Brazilian state-run energy company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said Friday that domestic crude oil output rose for a second-consecutive month in September as new wells were connected and maintenance work at offshore platforms ended.
Brazilian state-run energy company Petroleo Brasileiro (PBR, PETR4.BR), or Petrobras, said Friday that domestic crude oil output rose for a second-consecutive month in September as new wells were connected and maintenance work at offshore platforms ended.

Domestic crude oil output climbed 3.7% to 1.98 million barrels per day, up from 1.91 million barrels a day in August, Petrobras said. Production from deep-water fields similar to the massive Libra prospect that was auctioned Monday hit a record of 326,800 barrels a day during the month, Petrobras said. The fields were discovered trapped under a thick layer of salt off the country's southeast coast.

Oil output was boosted by new wells connected to several offshore platforms in the Santos , Campos and Sergipe basins, the company said. The company also completed maintenance work at several ageing platforms in the Campos Basin , where more than 85% of Brazil 's crude oil is produced.

So far in 2013, production has been undercut by platform shutdowns as Petrobras works to improve recovery rates at mature fields.

But Petrobras has already installed several new offshore platforms this year to boost output, including the P-55 floating platform that arrived at the Roncador field earlier this week. The P-55 platform is one of Brazil 's largest, capable of producing 180,000 barrels of oil per day when at full capacity. The first well from the Papa Terra field is also being connected to the new P-63 platform, Petrobras said.

Petrobras should start to see production rise as the platforms slowly build up output over several months, according to the company. Petrobras expects to produce an average 2 million barrels a day in 2013.

Domestic natural gas output was up 0.7% month-on-month in September at 61.8 million cubic meters per day, Petrobras said.

Total crude oil and natural gas production was 2.58 million barrels of oil equivalent, or BOE, per day in September, up from 2.5 million BOE in August, Petrobras said.

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